Market Research is essential for any screen-printing business, as understanding the industry will help you expand your shop. Research will help determine your strengths and weaknesses, learn about your competitors, and understand your potential customers. This information will help your screen printing business grow.
Definition of Market Research:
The action or activity of gathering information.
Types of Market Research:
Primary Market Research: Any research that you collect yourself. Examples include surveys, interviews, observations, and ethnographic research. This type of research has not been collected before. Conduct surveys, questionnaires or interviews with groups of people for feedback from customers.
Secondary Market Research: This type of research revolves around existing data that has already been produced.
Topics to Research:
1. Research Your Target Market –
Understand who has a need for your product or service.
-Marital or family status
The psychographics are the personal characteristics of a person that include their personality, attitude, lifestyle, values, interests, hobbies, lifestyles, and their behavior.
2. Research About Your Own Business-
Conduct primary market research to understand your customers opinions about your website, prices, shipping policies, and turnaround time.
3. Research About Your Competition–
Conduct secondary market research to understand the industry. Research will allow you to understand your competition, which will essentially help you identify your own niche market.
Questions to Answer:
-Who are your competitors’ current customers?
-Who are your competitors’ targeting?
-What are your prices in comparison to your competitors?
– How do they advertise?
Investigating your competition will enable you to discover your niche market that they are overlooking. Find services and products that your competitors are not providing their current target market.